Hi,
Have three questions on the modeling of preferredstock inLBO。感谢对这些帮助的任何帮助！
1) Cash preferred dividend payout - does this appear on I/S below NI and before NI to common, or does it appear under融资的现金流部分？
2）PIK首选股息 - 当首选股息被派克并获得其未偿还的本金余额时three statements other thanB/s的责任方面优先股的较高的载有价值？
3）PIK首选计算 - 与第二个问题有关，但是您使用哪种平衡来计算PIK首选股息的数量？这是首先优先股票余额，还是开始余额减去任何强制性付款（如果有）？
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评论 （8)
1) Appears below NI before NI to Common (along with PIK usually combined into one line item I believe) - top ofCFS将是常见的，因此它不在CFF中
2) higher CFO from add back of preferred pik div
3）通常的平均开头 /结束是强制付款的因素（如果有）
Thanks for the reply! Much appreciated. Follow up on question 2) and 3):
2）要清楚，当有任何PIK首选股息时，NI对COMMON会被I/S上的PIK降低，然后将添加Pik，然后添加Pikback under CFO, and carrying value of preferred dividend on B/S will increase by the PIK amount. Is that correct?
3) I thought for cash interest you'd use the average of beginning and ending debt balance. So if that's the same for PIK interest, wouldn't that create circularity in the model, since ending debt balance would factor into any PIK portion?
PIK calculation is based off of beginning balance. You're not PIK'ing a discretionary amount like you would with an ABL draw, so SPA or LLCA will stipulate PIK dates / rates - shouldn't be any circularity with this.
I come from down in the valley, where mister when you're young, they bring you up to do like your daddy done
感谢您的澄清！因此，对于首选股息的现金利息，这将是现金利率 * avg。（开始优先余额，结束优先余额），在其中最终的首选余额=开始余额 +任何PIK在此期间计算 - 任何强制性还款（如果有）？
They will both be based on the beginning balance. Typically, PIK and cash dividends are paid out on the last day of the quarter, so on that day you'll pay out dividends based on what was O/S on the first day of the quarter (since the PIK balance doesn't actually increase until the quarter is over)
I come from down in the valley, where mister when you're young, they bring you up to do like your daddy done
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了解更多我懂了。非常感谢您的明确解释！
1.这是正确的吗？从我所看到的（并完成），PIK interest is considered an interest expense in the income statement before net income。我也用现金利息费用来了。
这似乎与我快速Google上的其他一些网站合作。
https://multipleexpansion.com/2020/09/25/pik-interest/#Why-PIK-Interest-Is-Appealing
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